Tim Gowers’ new journal, Discrete Analysis, launched last week.
I took a look, and in the first issue found an article I really needed to read.
I urge you to take a look. The design is beautiful, and the website is very easy and clear to use. In particular, each article is accompanied by an “Editorial Introduction” which makes much easier the decision whether you want to dig deeper into the article.
As Tim explains on his blog post, one of the advantages of an arXiv overlay journal is that, while the “version of record” of a paper never changes, if you subseqently find a shorter proof you can post an update to the arXiv, where it will be accessible to readers of the original article using the arXiv’s own mechanism.
I urge you to take a look. This might well be the future of academic publishing.